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ROC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 000-53043

Man-AHL Diversified I L.P.

(Exact Name of Registrant as Specified in its Charter)


Delaware	06-1496634
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Man Investments (USA) Corp. 1345 Avenue of the Americas, Floor 21 New York, NY	10105
(Address of principal executive offices)	(Zip Code)

(212) 649-6600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

none

None

none

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Man-AHL Diversified I L.P.

Financial Statements



Statements of Financial Condition (a)		2
Statements of Operations (b)		3
Statements of Changes in Partners’ Capital (c)		4
Statements of Cash Flows (c)		5
Notes to Financial Statements (unaudited)		6

(a)

At September 30, 2023 (unaudited) and December 31, 2022

(b)

For the three month periods ended September 30, 2023 and 2022 (unaudited) and for the nine month periods ended September 30, 2023 and 2022 (unaudited)

(c)

For the nine month periods ended September 30, 2023 and 2022 (unaudited)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2023
	(Unaudited)			December 31, 2022
ASSETS
Investment in Man-AHL Diversified Trading Company L.P.	$	94,206,120		$	96,568,945
Due from Man-AHL Diversified Trading Company L.P.		70,534			152,440
Total assets	$	94,276,654		$	96,721,385
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Redemptions payable	$	70,534		$	152,440
Management fees payable		231,392			237,511
Servicing fees payable		77,440			79,472
Accrued expenses and other liabilities		246,528			277,215
Total liabilities		625,894			746,638
PARTNERS' CAPITAL:
General Partner - Class A Series 1 (186.37 units outstanding as at September 30, 2023 and December 31, 2022)		952,866			940,620
Limited Partners - Class A Series 1 (12,056.74 and 12,422.56 units outstanding as at September 30, 2023 and December 31, 2022, respectively)		61,641,911			62,695,988
Limited Partners - Class A Series 2 (717.49 units outstanding as at September 30, 2023 and December 31, 2022)		4,399,624			4,302,440
Limited Partners - Class B Series 1 (5,214.03 and 5,555.22 units outstanding as at September 30, 2023 and December 31, 2022, respectively)		26,656,359			28,035,699
Total partners' capital		93,650,760			95,974,747
Total liabilities and partners' capital	$	94,276,654		$	96,721,385
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 1	$	5,112.65	*	$	5,046.95	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 2	$	6,131.93	*	$	5,996.48	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS B Series 1	$	5,112.43	*	$	5,046.72	*

* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)


	For the three months ended September 30,						For the nine months ended September 30,
	2023			2022			2023			2022
NET INVESTMENT INCOME/(LOSS) ALLOCATED FROM MAN-AHL DIVERSIFIED TRADING COMPANY L.P.:
Interest income	$	1,140,759		$	470,484		$	3,266,706		$	652,108
Other income		4,731			—			4,731			1,221
Brokerage commissions		(35,086	)		(23,399	)		(91,354	)		(73,954	)
Interest expense - brokers		(27,765	)		(12,885	)		(79,427	)		(63,119	)
Administration fees		(15,575	)		(18,239	)		(47,511	)		(54,383	)
Professional fees		(32,669	)		(33,013	)		(97,970	)		(102,909	)
Shareholder expenses		(1,322	)		(17,262	)		(9,170	)		(53,809	)
Other expenses		(7,235	)		(10,070	)		(19,563	)		(24,503	)
Net investment income/(loss) allocated from Man-AHL Diversified Trading Company L.P.		1,025,838			355,616			2,926,442			280,652
PARTNERSHIP EXPENSES:
Management fees		684,770			745,739			2,104,326			2,189,292
Servicing fees		229,156			249,541			704,141			732,986
Professional fees		62,448			46,991			191,566			140,973
Other expenses		98,044			68,236			248,650			179,499
Total partnership expenses		1,074,418			1,110,507			3,248,683			3,242,750
Net investment income/(loss)		(48,580	)		(754,891	)		(322,241	)		(2,962,098	)
REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON TRADING ACTIVITIES ALLOCATED FROM MAN-AHL DIVERSIFIED TRADING COMPANY L.P.:
Net realized trading gains/(losses) on closed contracts/agreements and foreign currency transactions		87,277			(2,601,501	)		(2,599,393	)		15,862,896
Net change in unrealized trading appreciation/(depreciation) on securities		10,493			(42,586	)		(3,840	)		(112,332	)
Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements and translation of foreign currency		(1,763,265	)		8,684,940			4,177,671			9,027,651
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities allocated from Man-AHL Diversified Trading Company L.P.		(1,665,495	)		6,040,853			1,574,438			24,778,215
NET INCOME/(LOSS)	$	(1,714,075	)	$	5,285,962		$	1,252,197		$	21,816,117
NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on weighted average units outstanding during the period):
CLASS A Series 1	$	(91.76	)	$	276.39		$	67.71		$	1,106.57
CLASS A Series 2	$	(89.68	)	$	285.66		$	135.45		$	1,337.74
CLASS B Series 1	$	(98.55	)	$	270.68		$	56.36		$	1,101.93
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD:
CLASS A Series 1		12,276.17			12,692.81			12,540.29			12,841.09
CLASS A Series 2		717.49			749.67			717.49			873.15
CLASS B Series 1		5,310.31			5,776.49			5,426.62			5,842.94

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022


	CLASS A Series 1										CLASS A Series 2						CLASS B Series 1						TOTAL
	Limited Partners						General Partner				Limited Partners						Limited Partners
	Amounts*			Units			Amounts*		Units		Amounts*			Units			Amounts*			Units			Amounts*			Units
PARTNERS’ CAPITAL
January 1, 2023	$	62,695,988			12,422.56		$	940,620		186.37	$	4,302,440			717.49		$	28,035,699			5,555.22		$	95,974,747			18,881.64
Subscriptions		1,195,000			238.63			—		—		—			—			75,000			15.34			1,270,000			253.97
Redemptions		(3,085,993	)		(604.45	)		—		—		—			—			(1,760,191	)		(356.53	)		(4,846,184	)		(960.98	)
Net income/(loss)		836,916			—			12,246		—		97,184			—			305,851			—			1,252,197			—
PARTNERS’ CAPITAL
September 30, 2023	$	61,641,911			12,056.74		$	952,866		186.37	$	4,399,624			717.49		$	26,656,359			5,214.03		$	93,650,760			18,174.63
PARTNERS’ CAPITAL
January 1, 2022	$	56,257,765			12,777.64		$	820,573		186.37	$	4,962,742			960.65		$	26,133,499			5,935.87		$	88,174,579			19,860.53
Subscriptions		1,500,000			292.91			—		—		—			—			312,800			62.29			1,812,800			355.20
Redemptions		(2,433,125	)		(465.21	)		—				(1,456,766	)		(243.16	)		(1,259,481	)		(247.88	)		(5,149,372	)		(956.25	)
Net income/(loss)		14,005,071			—			204,490		—		1,168,040			—			6,438,516			—			21,816,117			—
PARTNERS’ CAPITAL
September 30, 2022	$	69,329,711			12,605.34		$	1,025,063		186.37	$	4,674,016			717.49		$	31,625,334			5,750.28		$	106,654,124			19,259.48

* Amounts have been rounded to the nearest whole number.

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the nine months ended September 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$	1,252,197		$	21,816,117
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Purchases of investments in Man-AHL Diversified Trading Company L.P.		(319,252	)		(825,266	)
Sales of investments in Man-AHL Diversified Trading Company L.P.		7,264,863			7,064,563
Net realized (gains)/losses and change in unrealized (appreciation)/depreciation on trading activities and net investment income/(loss) allocated from investment in Man-AHL Diversified Trading Company L.P.		(4,500,880	)		(25,058,867	)
Changes in operating assets and liabilities:
Increase/(decrease) in management fees payable		(6,119	)		47,301
Increase/(decrease) in servicing fees payable		(2,032	)		15,747
Increase/(decrease) in accrued expenses and other liabilities		(30,687	)		(5,145	)
Net cash provided by/(used in) operating activities		3,658,090			3,054,450
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from subscriptions		1,270,000			1,812,800
Payments on redemptions (net of change in redemptions payable)		(4,928,090	)		(4,867,250	)
Net cash provided by/(used in) financing activities		(3,658,090	)		(3,054,450	)
NET INCREASE/(DECREASE) IN CASH		—			—
CASH - Beginning of period		—			—
CASH - End of period	$	—		$	—

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Man-AHL Diversified I L.P.’s (a Delaware Limited Partnership) (the “Partnership”) financial condition at September 30, 2023, and the results of its operations for the three and nine month periods ended September 30, 2023 and 2022. These financial statements present the results of interim periods. These financial statements should be read in conjunction with the audited financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2022. The December 31, 2022 information has been derived from the audited financial statements as of December 31, 2022.

1. ORGANIZATION OF THE PARTNERSHIP

Man-AHL Diversified I L.P. (a Delaware Limited Partnership) (the “Partnership”) was organized in September 1997 under the Delaware Revised Uniform Limited Partnership Act, and commenced operations on April 3, 1998, for the purpose of engaging in the speculative trading of futures and forward contracts and related instruments. The Partnership is a “feeder” fund in a “master-feeder” structure, whereby the Partnership invests substantially all of its assets in Man-AHL Diversified Trading Company L.P. (the “Trading Company”). Man Investments (USA) Corp. (the “General Partner”), a Delaware corporation, serves as the Partnership’s General Partner. The General Partner is a subsidiary of Man Group plc, a Jersey public limited company that is listed on the London Stock Exchange. The General Partner oversees the operations and management of the Partnership.

AHL Partners LLP (the “Advisor”), a limited liability partnership established in England and Wales, acts as trading advisor to the Partnership. The Advisor is an affiliate of the General Partner and a subsidiary of Man Group plc. The Advisor is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity trading adviser and commodity pool operator and is a member of the National Futures Association (“NFA”) in such capacities, in addition to registration with the Financial Conduct Authority in the United Kingdom.

Man Investments Limited, a United Kingdom private limited company that is part of Man Group plc, is the managing member of the Advisor, and Man Investments Holdings Inc., a Delaware corporation that is part of Man Group plc, is the sole shareholder of the General Partner.

The Partnership’s units are distributed through the Partnership or other selling agents, including Man Investments Inc. (“MII”), an affiliate of the Advisor and General Partner. MII is a registered broker-dealer and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

The Partnership filed a registration statement under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which became effective in March 2008. The Partnership’s units are not, however, registered for sale through a public offering, and the General Partner does not intend to cause them to be so registered.

The Partnership offers two classes of units of limited partnership interests; Class A units are generally offered and Class B units are offered to employee benefit plans, IRAs and other retirement plans and accounts. The two classes of units are identical to each other except that Class B units may be purchased, transferred, held and redeemed in a minimum amount of $10,000. Within Class A and Class B, units are issued in two separate series. They are Class A Series 1, Class A Series 2, Class B Series 1 and Class B Series 2.

The Bank of New York Mellon serves as the administrator to the Partnership.

2. SIGNIFICANT ACCOUNTING POLICIES

The Partnership prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The General Partner has evaluated the structure, objectives and activities of the Partnership and the Trading Company and determined that the Partnership and the Trading Company meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies. The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Investment in Man-AHL Diversified Trading Company L.P. — The Partnership’s investment in the Trading Company is valued at the fair value of the Partnership’s proportionate interest in the partners’ capital of the Trading Company. The fair value of the Partnership’s investment in the Trading Company approximates the carrying amounts presented in the Statements of Financial Condition. The Partnership records its proportionate share of the Trading Company’s income, expenses, and realized and unrealized gains and losses. Investment transactions are recorded on a trade-date basis. In addition, the Partnership accrues its own expenses. The performance of the Partnership is directly affected by the performance of the Trading Company. Attached are the financial statements of the Trading Company, including the condensed schedules of investments, which are an integral part of these financial statements. Valuation of investments held by the Trading Company is discussed in the Trading Company’s notes to financial statements.

As at September 30, 2023 and December 31, 2022, the Partnership owned 3,322.54 and 3,571.81 units, respectively, of the Trading Company. The Partnership’s aggregate ownership percentage of the Trading Company at September 30, 2023 and December 31, 2022 was 48.33% and 51.38%, respectively.

The Partnership is able to redeem its investment from the Trading Company on a monthly basis. As of September 30, 2023 and December 31, 2022, the Partnership could redeem its investment without restriction at the month-end net asset value of the Trading Company.

Due from Man-AHL Diversified Trading Company L.P. — The amounts Due from Man-AHL Diversified Trading Company L.P. represent redemption requests made by the Partnership relating to its investment in the Trading Company. The requests have been received and recorded by the Trading Company but the proceeds have not been received by the Partnership. These amounts are ultimately due to limited partners of the Partnership as redemptions payable.

Expenses — The Advisor earns a monthly management fee in an amount equal to 0.1667% (2% annually) of the Partnership’s month-end Net Asset Value, as defined in the Limited Partnership Agreement (the “Agreement”). In addition, the General Partner earns a monthly general partner fee in an amount equal to 0.0833% (1% annually) of the month-end Net Asset Value of Class A Series 1 and Class B Series 1 units. The general partner fee is included in management fees in the Statements of Operations.

The Advisor also earns a monthly incentive fee equal to 20% of any Net New Appreciation, as defined in the Agreement, achieved by the Partnership, with new appreciation generally tracked on a class-by-class basis. The incentive fee is retained by the Advisor even if subsequent losses are incurred; however, no subsequent incentive fees will be paid to the Advisor until any such trading losses are recouped by the Partnership. Because the incentive fees are paid on the Net New Appreciation of the Partnership as a whole, it is possible that certain Limited Partners may experience increases in the Net Asset Value of their units while paying no incentive fees on such increases in the Net Asset Value of such units as a result of the timing of the purchase of units. During the three and nine month periods ended September 30, 2023 and 2022, no incentive fees were earned by the Advisor.

The Partnership pays a monthly servicing fee to MII in an amount equal to 0.0833% (1.00% annually) of the month-end Net Asset Value of Class A Series 1 and Class B Series 1 units and to 0.0625% (0.75% annually) of the month-end Net Asset Value of Class A Series 2 and Class B Series 2 units. MII serves as the placement agent for all classes of units of the Partnership. As of September 30, 2023 and 2022, there are no Class B series 2 units outstanding.

Revenue recognition — Income and expense are recognized on an accrual basis in the period in which they are incurred.

Derivative Contracts — The Partnership’s operating activities involve trading, indirectly through its investment in the Trading Company, in derivative contracts that involve varying degrees of market and credit risk. With respect to the Partnership’s investment in the Trading Company, the Partnership has limited liability, and, therefore, its maximum exposure to either market or credit loss is limited to the carrying value of its investment in the Trading Company, as set forth in the Statements of Financial Condition.

Net Income/(Loss) Per Unit — Net income/(loss) per unit of Class A Series 1, Class A Series 2, Class B Series 1, or Class B Series 2 partnership interest is equal to the net income/(loss) per class divided by the weighted average number of units outstanding per class. Weighted average number of units outstanding is the average of the units outstanding for each day during the period ended September 30, 2023 and 2022.

Income Taxes — The Partnership is not subject to federal, state, or local income tax. Such taxes are the liabilities of the individual partners and the amounts thereof will vary depending on the individual situation of each partner. Accordingly, there is no provision for income taxes in the accompanying financial statements. ASC 740, Income Taxes, defines how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements and is applied to all open tax years. The Partnership has evaluated tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained by the applicable tax authority. Based on this analysis of all tax jurisdictions and

all open tax years subject to examination, there were no material tax positions not deemed to meet a more-likely-than-not-threshold. Therefore, no tax expense, including interest or penalties, was recorded for the three and nine month periods ended September 30, 2023 and 2022. To the extent that the Partnership records interest and penalties, they would be included in interest expense and other expenses, respectively, on the Statements of Operations. The following is the major tax jurisdiction for the Trading Company and the earliest tax year subject to examination: United States – 2020.

Other income — Other income included in the Statements of Operations includes the proceeds received by the Trading Company relating to a class action award.

3. LIMITED PARTNERSHIP AGREEMENT

The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of capital held by each partner. However, no limited partner is liable for obligations of the Partnership in excess of its capital subscription and net profits or losses, if any.

The Partnership’s units are continuously offered as of the first business day of each month at Net Asset Value, as defined in the Agreement. Limited partners may redeem any or all of their units as of the end of any month at Net Asset Value per unit on 10 days prior written notice to the General Partner. The Partnership will be dissolved on December 31, 2037, or upon the occurrence of certain events, as specified in the Agreement.

The General Partner is required to make and maintain a general partner investment in the Partnership in an aggregate amount equal to the lesser of 1.01% of the net aggregate capital subscriptions of all partners, or $500,000.

Distributions (other than redemptions of units), if any, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions were declared or paid during the three and nine month periods ended September 30, 2023 and 2022.

Under the terms of the Agreement, the Partnership is liable for all costs associated with executing its business strategy. These costs include, but are not limited to, expenses associated with operations of the Partnership, such as management and incentive fees and other operating expenses, such as legal, audit, and tax return preparation fees.

4. FINANCIAL GUARANTEES

The Partnership enters into administrative and other professional service contracts that contain a variety of indemnifications. The Partnership’s maximum exposure under these arrangements is not known; however, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

5. FINANCIAL HIGHLIGHTS

The following represents the ratios to average limited partners’ capital and other information for the three and nine month periods ended September 30, 2023 and 2022:


	For the three months ended September 30, 2023									For the three months ended September 30, 2022
	Class A			Class A			Class B			Class A			Class A			Class B
	Series 1			Series 2			Series 1			Series 1			Series 2			Series 1
Per unit operating performance:
Beginning net asset value	$	5,203.71		$	6,221.61		$	5,203.48		$	5,229.50		$	6,174.57		$	5,229.28
Income/(loss) from investment operations:
Net investment income/(loss)		(3.38	)		14.83			(3.38	)		(39.69	)		(25.85	)		(39.84	)
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities		(87.68	)		(104.51	)		(87.67	)		310.22			365.64			310.35
Total income/(loss) from investment operations		(91.06	)		(89.68	)		(91.05	)		270.53			339.79			270.51
Ending net asset value	$	5,112.65		$	6,131.93		$	5,112.43		$	5,500.03		$	6,514.36		$	5,499.79
Ratios to average partners' capital1:
Expenses other than incentive fees		5.18	%		3.93	%		5.20	%		4.90	%		3.83	%		4.92	%
Total expenses		5.18	%		3.93	%		5.20	%		4.90	%		3.83	%		4.92	%
Net investment income/(loss)		(0.27	)%		0.98	%		(0.27	)%		(3.05	)%		(1.68	)%		(3.06	)%
Total return2:
Total return before incentive fees		(1.75	)%		(1.44	)%		(1.75	)%		5.17	%		5.50	%		5.17	%
Total return after incentive fees		(1.75	)%		(1.44	)%		(1.75	)%		5.17	%		5.50	%		5.17	%


	For the nine months ended September 30, 2023									For the nine months ended September 30, 2022
	Class A			Class A			Class B			Class A			Class A			Class B
	Series 1			Series 2			Series 1			Series 1			Series 2			Series 1
Per unit operating performance:
Beginning net asset value	$	5,046.95		$	5,996.48		$	5,046.72		$	4,402.83		$	5,166.02		$	4,402.64
Income/(loss) from investment operations:
Net investment income/(loss)		(19.46	)		33.29			(19.04	)		(152.61	)		(127.46	)		(152.85	)
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities		85.16			102.16			84.75			1,249.81			1,475.80			1,250.00
Total income/(loss) from investment operations		65.70			135.45			65.71			1,097.20			1,348.34			1,097.15
Ending net asset value	$	5,112.65		$	6,131.93		$	5,112.43		$	5,500.03		$	6,514.36		$	5,499.79
Ratios to average partners' capital1:
Expenses other than incentive fees		5.13	%		3.86	%		5.14	%		5.01	%		3.86	%		5.02	%
Total expenses		5.13	%		3.86	%		5.14	%		5.01	%		3.86	%		5.02	%
Net investment income/(loss)		(0.52	)%		0.74	%		(0.50	)%		(4.11	)%		(2.93	)%		(4.12	)%
Total return2:
Total return before incentive fees		1.30	%		2.26	%		1.30	%		24.92	%		26.10	%		24.92	%
Total return after incentive fees		1.30	%		2.26	%		1.30	%		24.92	%		26.10	%		24.92	%

1 Includes amounts allocated from the Trading Company. Ratios have been annualized.

2 Total return is for the period indicated and has not been annualized.

Financial highlights are calculated for limited partners taken as a whole for each series. An individual limited partner’s returns and ratios may vary from these returns and ratios based on the timing of capital transactions.

6. SUBSEQUENT EVENTS

For the period subsequent to September 30, 2023, through November 13, 2023, the date the financial statements were issued, the Partnership recorded limited partner subscriptions of $300,000 and limited partner redemptions of $78,442.

The General Partner has evaluated the impact of subsequent events on the Partnership through November 13, 2023, the date the financial statements were issued, and noted no subsequent events that require adjustment to or disclosure in these financial statements, except as noted above.

Man-AHL Diversified Trading Company L.P.

Financial Statements


Statements of Financial Condition (a)	11
Condensed Schedules of Investments (a)	12
Statements of Operations (b)	14
Statements of Changes in Partners’ Capital (c)	15
Statements of Cash Flows (c)	16
Notes to the Financial Statements (unaudited)	17

(a)

At September 30, 2023 (unaudited) and December 31, 2022

(b)

For the three month periods ended September 30, 2023 and 2022 (unaudited) and for the nine month periods ended September 30, 2023 and 2022 (unaudited)

(c)

For the nine month periods ended September 30, 2023 and 2022 (unaudited)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2023
	(Unaudited)			December 31, 2022
ASSETS
Equity in trading accounts:
Net unrealized trading appreciation on open futures contracts	$	6,977,569		$	4,581,933
Net unrealized trading appreciation on open forward contracts		2,345,797			—
Net unrealized trading appreciation on open swap agreements		—			96,691
Net premiums paid on credit default swap agreements		2,746,067			933,040
Due from brokers		39,308,348			32,548,335
Total equity in trading accounts		51,377,781			38,159,999
Cash and cash equivalents		14,453,416			1,644,483
Investment in securities, at fair value (cost $131,266,341 and $153,517,088 at September 30, 2023 and December 31, 2022, respectively)		131,287,654			153,545,594
Total assets	$	197,118,851		$	193,350,076
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Net unrealized trading depreciation on open forward contracts	$	479,428		$	4,847,514
Net unrealized trading depreciation on open swap agreements		282,501			32,479
Net premiums received on credit default swap agreements		934,509			—
Due to brokers		65,000			—
Redemptions payable to Man-AHL Diversified I L.P.		70,534			152,440
Accrued expenses and other liabilities		358,835			358,319
Total liabilities		2,190,807			5,390,752
PARTNERS' CAPITAL:
Limited Partners (6,874.89 and 6,952.08 units outstanding as at September 30, 2023 and December 31, 2022, respectively)		194,928,044			187,959,324
Total partners’ capital		194,928,044			187,959,324
Total liabilities and partners' capital	$	197,118,851		$	193,350,076
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST	$	28,353.62	*	$	27,036.43	*

* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULES OF INVESTMENTS


	September 30, 2023 (Unaudited)							December 31, 2022
	Fair Value			Percent of Partners' Capital				Fair Value			Percent of Partners' Capital
FUTURES CONTRACTS - Long:
Agricultural	$	(609,465	)		(0.3	)		$	791,699			0.4
Currencies		99,514			0.1				(2,395	)		(0.0	)	*
Energy		446,731			0.2				(135,013	)		(0.1	)
Indices		(411,082	)		(0.2	)			(639,802	)		(0.3	)
Interest Rates		—			—				1,736			0.0		*
Metals		—			—				1,049,240			0.6
Total futures contracts - long		(474,302	)		(0.2	)			1,065,465			0.6
FUTURES CONTRACTS - Short:
Agricultural		1,313,670			0.7				(47,452	)		(0.0	)	*
Energy		278,370			0.1				492,469			0.3
Indices		17,629			0.0		*		415,935			0.2
Interest Rates		5,012,722			2.6				2,651,866			1.4
Metals		829,480			0.4				3,650			0.0		*
Total futures contracts - short		7,451,871			3.8				3,516,468			1.9
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FUTURES CONTRACTS	$	6,977,569			3.6			$	4,581,933			2.5
FORWARD CONTRACTS - Long:
Australian dollars	$	(370,084	)		(0.2	)		$	353,020			0.2
Brazilian real		(970,560	)		(0.5	)			(203,217	)		(0.1	)
Mexican peso		(298,722	)		(0.2	)			1,078,891			0.6
New Zealand dollars		249,953			0.1				(18,417	)		(0.0	)	*
South African rand		(574,915	)		(0.3	)			141,562			0.1
South Korean won		(350,722	)		(0.2	)			503,483			0.3
U.K. pound		(582,689	)		(0.3	)			(161,510	)		(0.1	)
Other		(8,242,685	)		(4.2	)			4,725,008			2.4
Total long forward contracts vs US Dollar		(11,140,424	)		(5.8	)			6,418,820			3.4
FORWARD CONTRACTS - Short:
Australian dollars		1,633,870			0.8				(1,062,676	)		(0.6	)
Brazilian real		325,318			0.2				(118,003	)		(0.1	)
Mexican peso		(51,429	)		(0.0	)	*		(154,635	)		(0.1	)
New Zealand dollars		(169,359	)		(0.1	)			(6,654	)		(0.0	)	*
South African rand		(43,629	)		(0.0	)	*		(193,270	)		(0.1	)
South Korean won		1,334,601			0.7				(1,664,169	)		(0.9	)
U.K. pound		240,420			0.1				(2,907	)		(0.0	)	*
Other		11,931,167			6.1				(6,137,521	)		(3.2	)
Total short forward contracts vs US Dollar		15,200,959			7.8				(9,339,835	)		(5.0	)
Forward contracts - Cross currencies		(1,714,738	)		(0.9	)			(1,702,831	)		(0.9	)
Forward contracts - Metal non US Dollar		(479,428	)		(0.2	)			(223,668	)		(0.1	)
		(2,194,166	)		(1.1	)			(1,926,499	)		(1.0	)
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FORWARD CONTRACTS	$	1,866,369			0.9			$	(4,847,514	)		(2.6	)

* A zero balance may reflect amounts rounding to less than 0.05%

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULES OF INVESTMENTS (CONTINUED)


			September 30, 2023 (Unaudited)							December 31, 2022
	Principal		Fair Value			Percent of Partners' Capital				Fair Value			Percent of Partners' Capital
SWAP AGREEMENTS - Long:**
Credit default swaps - Buy protection centrally cleared (upfront premiums paid $nil and $nil, and upfront premiums received -$934,509 and $nil, as of September 30, 2023 and December 31, 2022, respectively)			$	(16,527	)		(0.0	)	*	$	—			—
Total swap agreements - long				(16,527	)		(0.0	)	*		—			—
SWAP AGREEMENTS - Short:**
Credit default swaps - Sell protection centrally cleared (upfront premiums paid $2,746,067 and $933,040, and upfront premiums received $nil and $nil, as of September 30, 2023 and December 31, 2022, respectively)				(265,974	)		(0.1	)			64,212			0.0		*
Total swap agreements - short				(265,974	)		(0.1	)			64,212			0.0		*
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN SWAP AGREEMENTS			$	(282,501	)		(0.1	)		$	64,212			0.0		*
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN CONTRACTS/AGREEMENTS			$	8,561,437			4.4			$	(201,369	)		(0.1	)
U.S. GOVERNMENT SECURITIES - Long:
United States Treasury Bill 0% 01/26/23		40,000,000	$	—			—

MAN AHL DIVERSIFIED I LP 10-Q